Companies which have enjoyed Brexit success
As the world recovers from the UK’s vote to leave the European Union, manufacturing has been in flux the world over – none more so than in Britain.
Now, Britain is experiencing a boost to its export orders, showing that the pound’s depreciation is supporting overseas demand.
In the same way that Poundland benefitted enormously from the 2008 recession, some businesses have done well out of Brexit. Here is our round-up of some of the post-referendum winners.
Associated British Foods, owner of Primark, stated earlier in the year that it fully expected ‘a marginal decline’ in profits if the UK voted to leave the EU. However, it has since been proven wrong, and is enjoying improved European sales. The company’s optimism has paid off, and profits continued to grow.
The illustrious film studio just outside Slough, UK, creates movies for some of the world’s biggest franchises, such as James Bond and Star Wars. Thanks to Brexit, Pinewood’s services are made cheaper for foreign producers, making it an even more attractive prospect for film-making.
Rentokil is fortunate enough to earn 90 percent of its revenue from outside of the UK, and the company claims that if currency rates remain as they are, it will earn up to £15 million more than expected this year.
Like Rentokil, Rolls-Royce Holdings does most of its business overseas – two thirds in fact – and shares are up two percent. A weaker pound will make its power systems for aeroplanes and ships cheaper internationally, which will in turn boost sales.
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Ultium Cells LLC/Li-Cycle: Sustainable Battery Manufacturing
Ultium Cells LLC - a joint venture between General Motors and LG Energy Solutions - has announced its latest collaboration with Li-Cycle. Joining forces the two have set ambitions to expand recycling in North America, recycling up to 100% of the scrap materials in battery cell manufacturing
What is Ultium Cells LLC?
Announcing their partnership in December 2019, General Motors (GM) and LG Energy Solutions established Ultium Cells LLC with a mission to “ensure excellence of Battery Cell Manufacturing through implementation of best practices from each company to contribute [to the] expansion of a Zero Emission propulsion on a global scale.”
Who is Li-Cycle?
Founded in 2016, Li-Cycle leverages innovative solutions to address emerging and urgent challenges around the world.
As the use of Lithium-ion rechargeable batteries in automotive, industrial energy storage, and consumer electronic applications rises, Li-Cycle believes that “the world needs improved technology and supply chain innovations to better recycle these batteries, while also meeting the rapidly growing demand for critical and scarce battery-grade materials.”
Why are Ultium Cells LLC and Li-Cycle join forces?
By joining forces to expand the recycling of scrap materials in battery cell manufacturing in North America, the new recycling process will allow Ultium Cells LLC to recycle cobalt, nickel, lithium, graphite, copper, manganese and aluminum.
“95% of these materials can be used in the production of new batteries or for adjacent industries,” says GM, who explains that the new hydrometallurgical process emits 30% less greenhouse gases (GHGs) than traditional processes, minimising the environmental impact. Use of this process will begin later in the year (2021).
"Our combined efforts with Ultium Cells will be instrumental in redirecting battery manufacturing scrap from landfills and returning a substantial amount of valuable battery-grade materials back into the battery supply chain. This partnership is a critical step forward in advancing our proven lithium-ion resource recovery technology as a more sustainable alternative to mining, " said Ajay Kochhar, President, CEO and co-founder of Li-Cycle.
"GM's zero-waste initiative aims to divert more than 90% of its manufacturing waste from landfills and incineration globally by 2025. Now, we're going to work closely with Ultium Cells and Li-Cycle to help the industry get even better use out of the materials,” added Ken Morris, Vice President of Electric and Autonomous Vehicles, GM.
Since 2013, GM has recycled or reused 100% of the battery packs it has received from customers, with most current GM EVs repaired with refurbished packs.
"We strive to make more with less waste and energy expended. This is a crucial step in improving the sustainability of our components and manufacturing processes,” concluded Thomas Gallagher, Chief Operating Officer, Ultium Cells LLC.